Hut 8 (NASDAQ:HUT) Stock Price Down 4.4%

Hut 8 Corp. (NASDAQ:HUT)’s share price dropped 4.4% during mid-day trading on Tuesday . The company traded as low as $11.54 and last traded at $11.55. Approximately 385,929 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 5,032,375 shares. The stock had previously closed at $12.08.

Wall Street Analyst Weigh In

HUT has been the topic of a number of recent analyst reports. Canaccord Genuity Group reiterated a “buy” rating and issued a $22.00 target price on shares of Hut 8 in a research report on Wednesday, August 21st. HC Wainwright upgraded Hut 8 from a “sell” rating to a “buy” rating and lifted their target price for the company from $7.50 to $13.50 in a research report on Wednesday, August 14th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Hut 8 in a research note on Friday, August 23rd. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Hut 8 in a research note on Wednesday, August 14th. Finally, Craig Hallum lifted their price target on Hut 8 from $12.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, Hut 8 has an average rating of “Buy” and an average price target of $16.08.

Hut 8 Trading Down 8.0 %

The stock has a 50 day moving average price of $14.48 and a 200 day moving average price of $10.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.31 and a current ratio of 0.31.

Insider Buying and Selling

In related news, Director Joseph Flinn sold 7,618 shares of Hut 8 stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $11.74, for a total value of $89,435.32. Following the transaction, the director now directly owns 11,861 shares of the company’s stock, valued at $139,248.14. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Hut 8 news, CFO Shenif Visram sold 20,239 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $13.38, for a total value of $270,797.82. Following the transaction, the chief financial officer now directly owns 43,959 shares of the company’s stock, valued at $588,171.42. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Flinn sold 7,618 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $11.74, for a total value of $89,435.32. Following the completion of the transaction, the director now directly owns 11,861 shares in the company, valued at $139,248.14. The disclosure for this sale can be found here. 12.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Hut 8

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Hut 8 by 8,329.2% during the first quarter. Vanguard Group Inc. now owns 2,787,102 shares of the company’s stock valued at $30,770,000 after acquiring an additional 2,754,037 shares in the last quarter. Tidal Investments LLC purchased a new position in Hut 8 in the first quarter worth $18,191,000. D1 Capital Partners L.P. purchased a new position in Hut 8 in the second quarter worth $17,388,000. Van ECK Associates Corp boosted its position in Hut 8 by 79.6% in the first quarter. Van ECK Associates Corp now owns 1,260,926 shares of the company’s stock worth $13,920,000 after purchasing an additional 558,824 shares during the last quarter. Finally, Westend Capital Management LLC purchased a new position in Hut 8 in the first quarter worth $5,190,000. 31.75% of the stock is owned by institutional investors and hedge funds.

Hut 8 Company Profile

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.